ID: MRFR/HCIT/0376-CR | 122 Pages | Author: Kinjoll Dey | August 2017
Healthcare Revenue Cycle Management Market is touted to exhibit a healthy 12.2% CAGR over the assessment period and reach a market valuation of USD 175.16 Billion by 2027.
The Healthcare Revenue Cycle Management Market is touted to exhibit a healthy 12.2% CAGR over the assessment period (2020-2027) and reach a market valuation of USD 175.16 Billion by 2027. There is an increasing need for sales cycle management solutions in the current business scenario.
As a result of decreases inpatient volume induced by factors such as social distancing steps, COVID-19 public policy interventions limiting the provision of elective patient care facilities by hospitals and other healthcare providers, common concerns of contracting COVID-19, and other facets of COVID-19 pa, many healthcare providers were grounded, leaving sitting on the runway in March 2020.
One thing provider should do is analyses and optimize their operating processes that comprise their sales cycle management method. While initiatives to diversify and strengthen healthcare services, enhance the experience of patient care, and increase operational efficiencies can lead to the development of the desired economic lift, enhanced sales cycle management practices could be the most efficient way for a healthcare provider to generate the lift required to recover altitude when it pulls out of the COVID-19 turbulence.
Healthcare Revenue Cycle Management Market Dynamics
Availability of Advanced Technological Innovations to Drive the Market Growth
Decreasing reimbursements in the healthcare sector, regulatory demands for the use of EHR EMR, government measures to boost the adoption of healthcare revenue cycle management products, loss of revenue due to billing mistakes, and workflow changes in healthcare organizations are the key factors driving the growth of the global healthcare revenue cycle management market. Throughout the research timeframe, technical developments in HRCM applications have greatly affected the development of the industry. The programme recently developed is highly effective and aims to deliver better patient treatment. In comparison, the updated HRCM programme has lowered the unpaid receivable records of many hospitals and healthcare services. In addition, the introduction of standardized medical billing and coding technologies has minimized mistakes and increased clinical performance. The availability of such technologically sophisticated systems has also accelerated the healthcare revenue cycle management industry's growth.
Standalone HRCM software to provide the industry with many growth opportunities
Across a robust network, the growing use of various standalone digital databases and applications would further favour segmental development in coming years. The number of medical reports created in healthcare institutions has also increased multifold with a growing number of patients being treated. Healthcare institutions need to maintain their patient records, inventory, and workforce efficiently while ensuring cost optimization has further increased. This provides RCM manufacturers with greater opportunities to join the rising healthcare industry worldwide.
Lack of Skilled Medical Professionals in Emerging Economies to Disrupt Market Growth
To some point, the lack of qualified experts to manage healthcare revenue cycle management applications affects the development of the industry. This element, with the absence of trained practitioners, would have a significant effect on underdeveloped economies. It would have a short-term effect on the growth of the sector and fade with changes in the health care infrastructure in underdeveloped countries.
Healthcare Revenue Cycle Management Market Segmental Analysis
For the sake of the study, the market has been segmented by type, component, deployment, and end-use.
The healthcare revenue cycle management market is divided into integrated and standalone applications according to type. During the forecast period, the Standalone software/solution segment would experience considerable expansion. Standalone solutions aid in improving the method of bill processing and dispute arbitration. It aims to minimise overall expenses and streamlines sales, helping to navigate the revenue cycle efficiently.
Key components discussed include software and services. Due to its ease of use, the software sector is gaining substantial precedence in the global economy, and it commanded the largest healthcare revenue cycle management share in 2016. By embracing technologically advanced HRCM applications developed by businesses that facilitate reliable and productive control of patients' clinical data and financial data, hospitals try to maximise revenue.
The industry is segmented into on-premise and cloud/web-based by deployment. In the coming years, the healthcare revenue cycle management industry's on-site segment will experience considerable expansion. Platforms for on-premise applications are mounted on the computer or workstation of the customer. Furthermore, on-site sales cycle management applications provide improved data protection and can be secured by avoiding unwanted entry.
The market of healthcare revenue cycle management is segmented by end-users into hospitals and ambulatory services. Due to the increase in hospitals' cash flows, the hospital segment is projected to see substantial sales cycle management industry growth. Due to the rising incidence of illnesses, the number of patients increases, requiring healthcare providers to adopt an effective sales cycle management method for gathering patient data.
Healthcare Revenue Cycle Management Market Regional Analysis
Global Market's geographical overview has been conducted in four major regions, including the Asia Pacific, the Americas, Europe, and the rest of the world.
Availability of Superior Healthcare Facilities Drives North America HRCM Market
As the region has this propensity to rely heavily on advanced technologies, the Americas are responsible for producing the highest profits. Advanced architecture accommodates such a widespread RCM programme deployment that supports everyone. Furthermore the industry profits immensely from the involvement of many big players in the industry, along with a large annual healthcare spending planned. The growing prevalence of chronic diseases in North America is one of the major factors driving the market of healthcare revenue cycle management in the region. Chronic illnesses boost the need for healthcare facilities such as surgeries, which ultimately boosts the cost of healthcare. In other instances, the U.S. is a developing country that uses technologically updated data processing tools. The software currently developed ensures data protection and safety that will positively affect the market for HRCM software, increasing the growth of the industry.
Availabilty of High Medical Funding to Drive Market Growth
Europe holds the second position, which can be attributed to increased government support for R&D. Other characteristics are quite similar in their impact to that of the Americas, such as well-developed healthcare infrastructure and substantial healthcare funding. The exponential growth in Europe can also be attributed to a growing geriatric population. The geriatric population is vulnerable to chronic infections that have a positive influence on the growth of business. Also, improving the regulatory scenario will guarantee the availability of HRCM software of superior quality, thereby improving the healthcare revenue cycle management market growth.
APAC’s Rise as a Medical Tourism Hub to Drive Market Growth
The APAC is all set to record the fastest development. The healthcare sector is changing remarkably in the region's emerging economies, and many of them are evolving as a medical tourism hub, which has an assertive impact on the global market of healthcare revenue cycle management.
Healthcare Revenue Cycle Management Market Competitive Landscape
Emerging Players Adapt Of Diverse Approaches to Improve their Competitive Standing
Many healthcare companies use robotic process control, intelligent EDI integration, insurance discovery, and patient solutions for a superior collecting method. This healthcare sector convergence has greatly enhanced the demand for RCM apps, contributing to an increased benefit. The MRFR review clearly indicates that the demand for Healthcare Revenue Cycle Management continues to be a very strong one for both incumbent participants and potential entrants. The industry is likely to witness growth by emerging players by the adaptation of diverse approaches. For eg, the launch, acquisition and joint venture of new product/services.
Healthcare Revenue Cycle Management Market Recent Development
December 2020: athenahealth, a leading provider of network-enabled software and services for medical groups and health systems nationwide, today announced that it joined forces with CaduceusHealth, a New Jersey-based managed services organization, to enable Englewood Health to expand its business four-fold, as well as make a rapid pivot to COVID-19 protocols.
November 2020: Alpha Health, the first healthcare revenue cycle management centralized automation organization, announced findings from a nationwide survey to determine the implementation of automation of revenue cycle processes of health systems and hospitals across the U.S.
November 2020: A formal agreement to purchase the technology division of nThrive, a healthcare revenue cycle management company, was signed by private equity firm Clearlake Capital.
Healthcare Revenue Cycle Management Market Report Overview
The study offers detailed profiles of industry leaders in the management of healthcare revenue cycles and assesses their current market position. Business history, along with annual sales, profit margins, segmental share, SWOT review, growth strategy, new product releases, mergers and acquisitions (M&A) operations, and recent R&D programs, is addressed in granular depth. The report provides a comprehensive analysis of the global market of healthcare revenue cycle management for the scope of the study.
|Market Size||USD 175.16 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Component, Deployment and End-user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric Company (U.S.), Epic Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany)|
|Key Market Opportunities||Standalone HRCM software to provide the industry with many growth opportunities|
|Key Market Drivers||Availability of Advanced Technological Innovations to Drive the Market Growth|
The global healthcare revenue cycle management market is valued to touch USD 1,75,163.5 million by 2027.
The global healthcare revenue cycle management market can exhibit a CAGR of 12.2% from 2020 to 2027.
General Electric Company, Epic Systems, McKesson Corporation, Quest Diagnostics, Siemens Healthcare, Cerner Corporation, and Allscripts are key players of the global healthcare revenue cycle management market.
Paucity of adept professionals at handling the healthcare RCM software can deter the global healthcare revenue cycle management market.
The use of healthcare RCM software which can alleviate the voluminous load in the billing department of hospitals is the major driver of the global healthcare revenue cycle management market.
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